East Geelong was named one of the most in-demand suburbs in Australia as the property market in regional Victoria remains robust, according to a report by news.com.au.
East Geelong held the eighth spot in the rankings, with 5,169 property views per listing, according to the property outlook report of realestate.com.au
While Melbourne prices are declining by 1.5%, regional Victoria is thriving, according to Nerida Conisbee, Realestate.com.au chief economist. Geelong, Ballarat, and Latrobe Gippsland were identified as the strongest regional areas across the nation.
The report found that year-over-year, the median dwelling price in Geelong grew 5.6% to $538,500.
Jarrod Leonard, a Buxton agent, said that it was not a surprise that East Geelong was recognised as one of the most in-demand suburbs in the country. He said that beautiful period homes on good-size allotments in the suburb provide value for money.
“[East Geelong] is still undervalued compared to a sister suburb like Geelong West,” Leonard said.
A lot of people were reported to have moved into the suburb, and currently, an enormous number of renovations and extensions are happening in the area.
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